Bill's failure means Speedway will 'reassess' track overhaul

Published: Tuesday, May 7, 2013 at 6:29 p.m.

Last Modified: Tuesday, May 7, 2013 at 11:00 p.m.

DAYTONA BEACH — Four days after facing defeat in this year's legislative session with bills that would have helped cover costs of a major overhaul at Daytona International Speedway, the track's president said Tuesday the project's "timing, size and scope" will be re-examined.

"We are clearly disappointed by the outcome last week in the Florida Legislature," Speedway President Joie Chitwood III said in a statement released late Tuesday afternoon. "We made a very compelling case for what could have been a successful public/private partnership with the state of Florida to create jobs and generate real economic growth. We also had substantial local, regional and statewide support.

"However, given this setback to our project, we are forced to reassess the proposed redevelopment and closely examine a number of factors such as its timing, size and scope, before we decide on next steps."

Chitwood announced a few months ago that he'd like to pour $250 million into vast upgrades to the frontstretch grandstands, including adding a fourth level of seating, building five new gates and constructing 11 sprawling concourses.

Speedway officials said they'd also eventually like to add an array of new development around the track and across the street on International Speedway Corp. property including new hotels, shops, restaurants, movie theaters and possibly casinos if state law changes to allow that.

A couple of bills that would have helped the Speedway cover its costs on the grandstand project failed to come up for final votes during this year's session in Tallahassee, including one that could have given the Speedway more than $70 million in sales tax rebates over 30 years and another that could have tapped a state Department of Economic Opportunity fund and brought $90 million to the Speedway over three decades.

Even a state Capitol appearance by race car driver Jimmie Johnson the week before last couldn't save the measures.

Over the past year, the Speedway and ISC were able to get the zoning changes they needed for their proposed plans and they're nearing the finish line on the final site plan and building permit for the grandstand project. Chitwood has said he still needs approval from the ISC board of directors.

Volusia County Manager Jim Dinneen said Tuesday he hopes the proposed Speedway project is only delayed, not significantly altered. With thousands of jobs and a huge burst of development at stake, Dinneen said, "We're very big supporters of this project.

"I'm hoping it becomes more of a timing issue than an issue that would derail it," Dinneen said. "Hopefully this is just a bump in the road and they'll stay on course. I'm assuming that they'll try again next session."

With the dust of the 2013 legislative session still settling, Speedway officials have not said if they'll pursue funding assistance through legislation again. If they decide not to, another source of financial help could come from the possible sale of International Speedway Corp.'s Staten Island track.

"As for Staten Island, ISC officials have said on prior earnings calls that they are currently in exclusive negotiations with an interested buyer for the Staten Island property," Daytona International Speedway spokesman Lenny Santiago said Tuesday.

Rep. David Santiago, R-Deltona, who's not related to Lenny Santiago, was the sponsor of the Speedway bill that sought the sales tax rebates and said he still thinks it was a good measure.

"I don't think we could have done much of anything differently," said Santiago, who was elected in November and experiencing his first session in Tallahassee but managed to get six other bills passed. "We gave it a good fight."

The Speedway's request was bolstered by its pledge to invest at least $250 million before it would have received the bulk of the more than $70 million in sales tax rebates, he said.

The bill filed by Santiago at the end of February sought to give the Speedway three different types of sales tax rebates that would have tallied more than $70 million over 30 years. Once the session got going, an amendment was added to his bill that aimed to help Jacksonville's EverBank Field secure $60 million for construction.

"I fought to the end to keep that amendment off the bill," he said.

During the session the Speedway also got pulled into a Senate bill that started out focused on helping the Miami Dolphins and turned into a measure that would have ranked several professional sports organizations in Florida seeking tax dollars for stadium projects.

That measure, which could have provided $90 million to the Speedway, passed in the Senate but never came up for a vote on the House floor. Santiago's bill and its Senate companion also never got final votes before the session ended Friday.

Santiago said it appears to him the Speedway suffered "collateral damage" from getting pulled into other professional sports proposals to receive tax dollars to help their projects that never got final votes.

Santiago said he'll meet with Speedway officials in a few weeks to start talking about where to go next.

If the Speedway wants to pursue public funding again, state Rep. Dwayne Taylor, D-Daytona Beach, suggests the racing giant put its efforts into a measure that more clearly shows it's a public-private partnership, and file a new bill as early as this summer.

City Commissioner Rob Gilliland, whose zone includes the Speedway, still sees plenty of hope for the Speedway project and its ability to get some taxpayer assistance.

"It wasn't voted down. It died," Gilliland said. "They still get the exposure of their proposal. It'll slow down the project, but it won't derail it."

Speedway officials have pointed out other professional sports organizations have enjoyed sales tax rebates of $2 million per year for the past 20 years or so, but motorsports have been specifically excluded.

The Speedway maintains creating the type of sports and entertainment complex it envisions would give the city, county and state governments more than $75 million in new sales tax dollars in the first 10 years, and more than $300 million over 30 years.

"I think the plan was good. We really had a good proposal," Santiago said. "It had a good return for the area."

<p>DAYTONA BEACH &mdash; Four days after facing defeat in this year's legislative session with bills that would have helped cover costs of a major overhaul at Daytona International Speedway, the track's president said Tuesday the project's "timing, size and scope" will be re-examined. </p><p>"We are clearly disappointed by the outcome last week in the Florida Legislature," Speedway President Joie Chitwood III said in a statement released late Tuesday afternoon. "We made a very compelling case for what could have been a successful public/private partnership with the state of Florida to create jobs and generate real economic growth. We also had substantial local, regional and statewide support. </p><p>"However, given this setback to our project, we are forced to reassess the proposed redevelopment and closely examine a number of factors such as its timing, size and scope, before we decide on next steps." </p><p>Chitwood announced a few months ago that he'd like to pour $250 million into vast upgrades to the frontstretch grandstands, including adding a fourth level of seating, building five new gates and constructing 11 sprawling concourses. </p><p>Speedway officials said they'd also eventually like to add an array of new development around the track and across the street on International Speedway Corp. property including new hotels, shops, restaurants, movie theaters and possibly casinos if state law changes to allow that. </p><p>A couple of bills that would have helped the Speedway cover its costs on the grandstand project failed to come up for final votes during this year's session in Tallahassee, including one that could have given the Speedway more than $70 million in sales tax rebates over 30 years and another that could have tapped a state Department of Economic Opportunity fund and brought $90 million to the Speedway over three decades. </p><p>Even a state Capitol appearance by race car driver Jimmie Johnson the week before last couldn't save the measures. </p><p>Over the past year, the Speedway and ISC were able to get the zoning changes they needed for their proposed plans and they're nearing the finish line on the final site plan and building permit for the grandstand project. Chitwood has said he still needs approval from the ISC board of directors. </p><p>Volusia County Manager Jim Dinneen said Tuesday he hopes the proposed Speedway project is only delayed, not significantly altered. With thousands of jobs and a huge burst of development at stake, Dinneen said, "We're very big supporters of this project. </p><p>"I'm hoping it becomes more of a timing issue than an issue that would derail it," Dinneen said. "Hopefully this is just a bump in the road and they'll stay on course. I'm assuming that they'll try again next session." </p><p>With the dust of the 2013 legislative session still settling, Speedway officials have not said if they'll pursue funding assistance through legislation again. If they decide not to, another source of financial help could come from the possible sale of International Speedway Corp.'s Staten Island track. </p><p>"As for Staten Island, ISC officials have said on prior earnings calls that they are currently in exclusive negotiations with an interested buyer for the Staten Island property," Daytona International Speedway spokesman Lenny Santiago said Tuesday. </p><p>Rep. David Santiago, R-Deltona, who's not related to Lenny Santiago, was the sponsor of the Speedway bill that sought the sales tax rebates and said he still thinks it was a good measure. </p><p>"I don't think we could have done much of anything differently," said Santiago, who was elected in November and experiencing his first session in Tallahassee but managed to get six other bills passed. "We gave it a good fight." </p><p>The Speedway's request was bolstered by its pledge to invest at least $250 million before it would have received the bulk of the more than $70 million in sales tax rebates, he said.</p><p>The bill filed by Santiago at the end of February sought to give the Speedway three different types of sales tax rebates that would have tallied more than $70 million over 30 years. Once the session got going, an amendment was added to his bill that aimed to help Jacksonville's EverBank Field secure $60 million for construction. </p><p>"I fought to the end to keep that amendment off the bill," he said. </p><p>During the session the Speedway also got pulled into a Senate bill that started out focused on helping the Miami Dolphins and turned into a measure that would have ranked several professional sports organizations in Florida seeking tax dollars for stadium projects. </p><p>That measure, which could have provided $90 million to the Speedway, passed in the Senate but never came up for a vote on the House floor. Santiago's bill and its Senate companion also never got final votes before the session ended Friday. </p><p>Santiago said it appears to him the Speedway suffered "collateral damage" from getting pulled into other professional sports proposals to receive tax dollars to help their projects that never got final votes. </p><p>Santiago said he'll meet with Speedway officials in a few weeks to start talking about where to go next. </p><p>If the Speedway wants to pursue public funding again, state Rep. Dwayne Taylor, D-Daytona Beach, suggests the racing giant put its efforts into a measure that more clearly shows it's a public-private partnership, and file a new bill as early as this summer. </p><p>City Commissioner Rob Gilliland, whose zone includes the Speedway, still sees plenty of hope for the Speedway project and its ability to get some taxpayer assistance. </p><p>"It wasn't voted down. It died," Gilliland said. "They still get the exposure of their proposal. It'll slow down the project, but it won't derail it." </p><p>Speedway officials have pointed out other professional sports organizations have enjoyed sales tax rebates of $2 million per year for the past 20 years or so, but motorsports have been specifically excluded. </p><p>The Speedway maintains creating the type of sports and entertainment complex it envisions would give the city, county and state governments more than $75 million in new sales tax dollars in the first 10 years, and more than $300 million over 30 years. </p><p>"I think the plan was good. We really had a good proposal," Santiago said. "It had a good return for the area."</p>